Ireland grants Ripple VASP license, bolstering its European presence News ▸ EU · Ireland ▸ Ripple ▸ Regulation
Ireland grants Ripple VASP license, bolstering its European presence
Ripple said its licensing in Ireland will help it expand its services to clients across the European Economic Area.
2 min read
Updated: Dec. 20, 2023 at 9:46 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Central Bank of Ireland (CBI) has licensed Ripple’s Irish subsidiary, Ripple Markets Ireland Limited, as a registered Virtual Asset Service Provider (VASP), according to a Dec. 19 statement.
Per the information on the CBI website, a registered VASP can facilitate the transfer of digital assets between various addresses or accounts on behalf of an individual or entity. A VASP can also offer services such as exchanging cryptocurrencies for fiat currencies, swapping between digital assets, and providing custodial services.
Ripple eyes further European expansion
Ripple furthered that the licensing will allow it to offer specific digital asset services within Ireland and expand its services to clients across the European Economic Area once the highly anticipated Markets in Crypto Assets Regulation (MiCA) comes into force next year. However, this expansion is dependent on its acquisition of other necessary licenses.
Eric van Miltenburg, SVP of Strategic Initiatives at Ripple, expressed enthusiasm about the CBI’s approval, saying the authorities’ inclusion of the firm marks a significant advancement for our regional operations.
Miltenburg added:
“Ireland has positioned itself as a supportive jurisdiction for the virtual assets industry and consequently as a great place for businesses like Ripple’s to operate, reinforcing our decision to select Ireland as our primary base for EU regulation. By providing regulatory clarity for the industry, Ireland – and the EU more broadly – are boosting confidence in the digital assets, payments and fintech ecosystem and demonstrating their commitment to the long-term development of these industries.”
Following Ripple’s approval, the number of registered VASPs in Ireland has risen to eleven, including notable entities like payment processor MoonPay, Zodia Custody, and U.S.-based cryptocurrency exchanges Gemini and Coinbase.
Rollercoaster year
Meanwhile, the development in Ireland adds another feather to what has been a largely successful year for the cryptocurrency company.
In July, Ripple scored a pivotal against the U.S. Securities and Exchange Commission (SEC) after Judge Analisa Torres ruled that certain programmatic sales of Ripple’s cryptocurrency XRP did not violate securities laws. However, other direct sales to institutional buyers were deemed securities.
Subsequently, the firm’s subsidiary, Ripple Markets APAC Pte Ltd, secured licensing from the Monetary Authority of Singapore (MAS) to provide digital payment token services in the country.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.